Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Down 3.7%

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY) dropped 3.7% during mid-day trading on Wednesday . The company traded as low as $0.89 and last traded at $0.91. Approximately 5,076,387 shares changed hands during trading, a decline of 25% from the average daily volume of 6,788,302 shares. The stock had previously closed at $0.95.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 target price on shares of Polestar Automotive Holding UK in a research note on Monday, July 1st. Piper Sandler reaffirmed a “neutral” rating and set a $2.00 price target (down previously from $3.00) on shares of Polestar Automotive Holding UK in a research report on Friday, March 15th. Barclays decreased their target price on shares of Polestar Automotive Holding UK from $2.00 to $1.00 and set an “underweight” rating for the company in a research report on Wednesday, July 3rd. Finally, Citigroup lowered their price target on Polestar Automotive Holding UK from $2.50 to $1.70 and set a “neutral” rating on the stock in a research report on Thursday, May 16th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $3.31.

Polestar Automotive Holding UK Stock Performance

The firm has a 50 day moving average of $0.94 and a 200 day moving average of $1.46.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PSNY. Green Alpha Advisors LLC purchased a new stake in Polestar Automotive Holding UK in the 4th quarter worth approximately $616,000. Raymond James & Associates lifted its position in Polestar Automotive Holding UK by 36.5% during the fourth quarter. Raymond James & Associates now owns 29,532 shares of the company’s stock valued at $67,000 after purchasing an additional 7,900 shares during the last quarter. Schechter Investment Advisors LLC purchased a new position in Polestar Automotive Holding UK in the 4th quarter worth approximately $35,000. Tobam raised its position in shares of Polestar Automotive Holding UK by 24.0% during the 4th quarter. Tobam now owns 1,136,540 shares of the company’s stock valued at $2,569,000 after buying an additional 220,147 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. grew its position in Polestar Automotive Holding UK by 32.2% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 20,991 shares of the company’s stock worth $47,000 after acquiring an additional 5,115 shares in the last quarter. Hedge funds and other institutional investors own 1.02% of the company’s stock.

Polestar Automotive Holding UK Company Profile

Polestar Automotive Holding UK PLC manufactures and sells premium electric vehicles. The company was founded in 2017 and is headquartered in Gothenburg, Sweden.